Pharmacogenetic Testing Market : Size & Trends Shows a Rapid Growth by 2028

DBMR has added a new report titled Pharmacogenetic Testing Market with analysis provides the insights which bring marketplace clearly into the focus and thus help organizations make better decisions. With a devotion and commitment of supreme level of resilience and integrated approaches, Pharmacogenetic Testing Market research report has been structured. The report also puts a light on growth opportunity assessment (GOA), customer insights (CI), competitive business intelligence (CBI), and distribution channel assessment (DCA). This world class market report analyses and evaluates the important industry trends, market size, market share estimates, and sales volume with which industry can speculate the strategies to increase return on investment (ROI). The statistics have been represented in the graphical format for an unambiguous understanding of facts and figures.

An influential Pharmacogenetic Testing Market report brings into focus plentiful of factors such as the general market conditions, trends, inclinations, key players, opportunities, and geographical analysis which all aids to take business towards the growth and success. This report provides the broader perspective of the market place with its comprehensive market insights and analysis which eases surviving and succeeding in the market. Moreover, this market report explains better market perspective in terms of product trends, marketing strategy, future products, new geographical markets, future events, sales strategies, customer actions or behaviors. Hence, the credible report brings into the focus, the more important aspects of the market or industry.

Global Pharmacogenetic Testing Market By Type (Single Gene Tests, Array-Based Tests, Whole Genome Sequencing & NGS, Whole Exome Sequencing), Sample (Blood, Saliva), Therapeutic Area (Oncology, Neurology, Cardiology, Genomics, Immunology & Hypersensitivity, Others), Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Mail-Order Pharmacies, Direct-To-Customer Services), Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2026

Market Analysis: Global Pharmacogenetic Testing Market

Global pharmacogenetic testing market is expected to register a substantial CAGR in the forecast period of 2019-2026. The report contains data from the base year of 2018 and the historic year of 2017. This rise in market value can be attributed to the need for identifying the influence of medicines on genes.

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Key Market Competitors:

Few of the major competitors currently working in the global pharmacogenetic testing market are Sonic Healthcare; Genelex; GENEWIZ; Rxight; 23andMe, Inc.; PGXT; OneOme, LLC; Mako Medical Laboratories, LLC; Myriad Genetics, Inc.; Bayer AG; BGI; Pacific Biosciences of California, Inc.; F. Hoffmann-La Roche Ltd; QIAGEN; Luminex Corporation; Eurofins Scientific; Illumina, Inc.; Thermo Fisher Scientific Inc.; PerkinElmer Inc. among others.

Competitive Analysis:

Global pharmacogenetic testing market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of pharmacogenetic testing market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

Market Definition: Global Pharmacogenetic Testing Market

Pharmacogenetic testing is a diagnostic procedure used for the determination of drug and an individual’s genetic make-up interaction. This test is experiencing high demand as various scientists and researchers have identified the unique reactions between each individuals’ genes and drugs which has resulted in the development of a unique test which can record this interaction and provide valuable insights which is subsequently used for the development of personalized therapeutics.

Market Drivers

  • Favorable scenario of reimbursement for these tests from the insurance providers is expected to propel the growth of the market
  • Increasing demand for personalized therapeutic system and diagnostic tests is expected to drive the growth of the market
  • High levels of healthcare expenditure being incurred on adoption of advanced testing methods and therapeutics from the developed regions of the world; this factor is expected to boost the growth of the market

Market Restraints

  • Lack of clinical evidence regarding the effectiveness and utility benefits associated with the tests is expected to hinder the growth of the market
  • Lack of skilled individuals that can conduct and provide valuable insights from the test results is expected to act as a restraint for the growth of the market
  • Large levels of financial costs associated with these tests is expected to restrict the growth of the market

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Key Developments in the Market:

  • In January 2019, 23andMe, Inc. announced the availability of pharmacogenomics test which will be commercially available without the need for any prescriptions. This test will help provide patients and physicians with better knowledge and identification services into genes of an individual. Although, FDA has approved this test they have also issued a statement regarding not basing their treatment options on the test results
  • In May 2017, Oxford Gene Technology announced that had agreed to be acquired by Sysmex Corporation. This acquisition will allow for complete integration of Oxford’s genetic analysis technologies and expertise which will help enhance the position of Sysmex Corporation globally. Oxford Gene Technology will operate as a wholly-owned subsidiary of Sysmex

Reasons to Purchase this Report

  • Current and future of global pharmacogenetic testing market outlook in the developed and emerging markets
  • The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period
  • Regions/Countries that are expected to witness the fastest growth rates during the forecast period
  • The latest developments, market shares, and strategies that are employed by the major market players

Customization of the Report:

  • All segmentation provided above in this report is represented at country level
  • All products covered in the market, product volume and average selling prices will be included as customizable options which may incur no or minimal additional cost (depends on customization)

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